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North Cook News

Thursday, April 18, 2024

Former state university employee Ahrndt paid in $113K to pension fund, could collect $2.29M in retirement

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Former state university employee Craig Ahrndt, who retired in January 2017, saved $112,933 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ahrndt would collect as much as $2.29 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Ahrndt received $48,235 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ahrndt will have already received $149,089 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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